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Petrofac Limited (PFC)

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daveh
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Re: Petrofac Limited (PFC)

#301100

Postby daveh » April 16th, 2020, 1:56 pm

Petrofac "loses" large recent contract.
https://www.investegate.co.uk/petrofac- ... 37538559J/

Petrofac Ltd ("Petrofac" or "the Company") announces that its Petrofac Emirates joint venture has received notice of termination from Abu Dhabi National Oil Company (ADNOC) of two recently awarded contracts for the Dalma Gas Development Project.


he project, worth around US$1.65billion, and awarded in February 2020, comprised two packages. Petrofac Emirates' portion of the scope of work is valued at US$1.5billion.

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Re: Petrofac Limited (PFC)

#301210

Postby ReallyVeryFoolish » April 17th, 2020, 2:15 am

daveh wrote:Petrofac "loses" large recent contract.
https://www.investegate.co.uk/petrofac- ... 37538559J/

Petrofac Ltd ("Petrofac" or "the Company") announces that its Petrofac Emirates joint venture has received notice of termination from Abu Dhabi National Oil Company (ADNOC) of two recently awarded contracts for the Dalma Gas Development Project.


he project, worth around US$1.65billion, and awarded in February 2020, comprised two packages. Petrofac Emirates' portion of the scope of work is valued at US$1.5billion.

Oh dear. I just saw this news. That's a significant blow to the backlog of work. More job losses in PFC Sharjah, I expect.

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Re: Petrofac Limited (PFC)

#303196

Postby monabri » April 25th, 2020, 1:44 pm

IN

"The jobs of 200 North Sea workers are to transfer to Petrofac after the London-listed contractor won a deal to extend operations and maintenance services to six more of Repsol Sinopec Resources UK's North Sea assets."

https://www.upstreamonline.com/producti ... 2-1-797497

OUT
"Petrofac axes 20% of staff over 'unprecedented' market conditions
Middle East-focused player cuts staff, spending and 2019 dividend to help preserve balance sheet"

https://www.upstreamonline.com/coronavi ... 2-1-788817

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Re: Petrofac Limited (PFC)

#306252

Postby ReallyVeryFoolish » May 7th, 2020, 2:56 am


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Re: Petrofac Limited (PFC)

#306303

Postby Bouleversee » May 7th, 2020, 8:56 am

Thanks for that. God knows we need it.

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Re: Petrofac Limited (PFC)

#308779

Postby ReallyVeryFoolish » May 15th, 2020, 8:14 am

Information from PFC AGM to be held today -
https://www.petrofac.com/en-gb/media/ne ... t=15-05-20

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Re: Petrofac Limited (PFC)

#312925

Postby ReallyVeryFoolish » May 28th, 2020, 9:24 am

All too rare piece of good news today -
https://www.petrofac.com/en-gb/media/ne ... t=28-05-20

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Re: Petrofac Limited (PFC)

#314135

Postby ReallyVeryFoolish » June 1st, 2020, 9:59 am

Only a small job but they all count -
https://www.petrofac.com/en-gb/media/ne ... ontent=IOG

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Re: Petrofac Limited (PFC)

#314755

Postby spiderbill » June 3rd, 2020, 10:23 am

ReallyVeryFoolish wrote:Only a small job but they all count -
https://www.petrofac.com/en-gb/media/ne ... ontent=IOG


They're up 9.9% today so seems to be being seen as significant. Positive story about their green energy work also published today
https://www.energyvoice.com/otherenergy/243116/move-to-green-energy-paying-dividends-for-petrofac-and-saipem-during-covid-19/

Certainly needs all the good news it can get, given that I'm about 80% down on what used to be a significant part of my portfolio. The continued delay in the SFO investigation is now getting beyond ridiculous.

cheers
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Re: Petrofac Limited (PFC)

#314761

Postby ReallyVeryFoolish » June 3rd, 2020, 10:58 am

spiderbill wrote:
ReallyVeryFoolish wrote:Only a small job but they all count -
https://www.petrofac.com/en-gb/media/ne ... ontent=IOG


They're up 9.9% today so seems to be being seen as significant. Positive story about their green energy work also published today
https://www.energyvoice.com/otherenergy/243116/move-to-green-energy-paying-dividends-for-petrofac-and-saipem-during-covid-19/

Certainly needs all the good news it can get, given that I'm about 80% down on what used to be a significant part of my portfolio. The continued delay in the SFO investigation is now getting beyond ridiculous.

cheers
Spiderbill

There's never been a single shred of doubt in my mind about the quality of the company. I agree with you though, by now the SFO needs to bring charges or close the case. It's appalling that after years on end, there's no closure on this. Either there's evidence or there isn't.

RVF.

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Re: Petrofac Limited (PFC)

#314967

Postby ReallyVeryFoolish » June 4th, 2020, 2:56 am


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Re: Petrofac Limited (PFC)

#316995

Postby ReallyVeryFoolish » June 10th, 2020, 7:56 am


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Re: Petrofac Limited (PFC)

#317273

Postby monabri » June 10th, 2020, 6:34 pm

Pity there are is no contract value in evidence . We have no basis to judge if it is significant work or otherwise.

As for the SFO.? I bought into PFC just before the announcement in typical poor timing ( bad luck?). I feel I should have sold when they briefly reached £6 after the first big drop.
Would I buy nowadays...no (*). Their operating margins have been reducing over the last 10 years suggesting that they are pricing contracts to get work. An operating margin of 7% is not attractive. Cancellation of a recent big contract was nasty. If the SFO were to drop the case tomorrow, I don't think we would see much of a lift. I'm more than happy to be proved wrong.

(*) putting aside the absurdly long SFO investigation. PFC was one of my first HYP buys...I didn't do enough research and, frankly, at the time didn't know what to look for...my mistake/ experience level .The SFO investigation came out of the blue..whether it was suspected as a possible investigation prior to the announcement, I don't know.

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Re: Petrofac Limited (PFC)

#318877

Postby monabri » June 16th, 2020, 5:02 pm

https://www.rigzone.com/news/petrofac_b ... ticle/?amp

"Petrofac revealed Tuesday that its Engineering & Production Services (EPS) division has been awarded a “multi-million dollar” engineering, procurement, construction and commissioning (EPCC) contract by Tatweer Petroleum for an upstream gas project in Bahrain."

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Re: Petrofac Limited (PFC)

#318970

Postby ReallyVeryFoolish » June 17th, 2020, 2:28 am

monabri wrote:https://www.rigzone.com/news/petrofac_bags_multimillion_dollar_bahrain_deal-16-jun-2020-162427-article/?amp

"Petrofac revealed Tuesday that its Engineering & Production Services (EPS) division has been awarded a “multi-million dollar” engineering, procurement, construction and commissioning (EPCC) contract by Tatweer Petroleum for an upstream gas project in Bahrain."

I like PFC a lot as an investment. It's not a company I would care to work for but I am happy to hold shares. At around 200p it's a great entry point. The dividend was about halved soon after the SFO investigation was announced ages ago. The money saved was ear marked to pay for any subsequent SFO actions. Of which there have been precisely none so far. I guess the money is still lying there in the bank. Due to the unprecendted shake down in the industry PFC have naturally suspended dividends for now. In response to a fall off in orders and a massive order cancellation a few weeks ago PFC has responded by large reductions in cost overheads. It's very easy for PFC to do this. They employ a lot of temporary agency people and their centre of gravity is in the middle east and asia where people are often regarded as disposable assets. PFC is highly regarded in the middle east particularly in UAE and Oman, they will bounce back. There's always a chance that a bigger contractor will buy them. I had thought that one of the major asian players would have done so by now. Here I am sitting on a significant looss and I am not adding solely because I have too many PFC shares already. For me, confidenvce remains high. On a three to five year view there's great upside potential and when dividends resume more the better. The SFO mess remains a drag. They have no evidence as far as anyone can tell. The company will prosper no matter what the SFO eventually decide.

RVF

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Re: Petrofac Limited (PFC)

#319949

Postby Wizard » June 20th, 2020, 9:48 am

ReallyVeryFoolish wrote:
monabri wrote:https://www.rigzone.com/news/petrofac_bags_multimillion_dollar_bahrain_deal-16-jun-2020-162427-article/?amp

"Petrofac revealed Tuesday that its Engineering & Production Services (EPS) division has been awarded a “multi-million dollar” engineering, procurement, construction and commissioning (EPCC) contract by Tatweer Petroleum for an upstream gas project in Bahrain."

I like PFC a lot as an investment. It's not a company I would care to work for but I am happy to hold shares. At around 200p it's a great entry point. The dividend was about halved soon after the SFO investigation was announced ages ago. The money saved was ear marked to pay for any subsequent SFO actions. Of which there have been precisely none so far. I guess the money is still lying there in the bank. Due to the unprecendted shake down in the industry PFC have naturally suspended dividends for now. In response to a fall off in orders and a massive order cancellation a few weeks ago PFC has responded by large reductions in cost overheads. It's very easy for PFC to do this. They employ a lot of temporary agency people and their centre of gravity is in the middle east and asia where people are often regarded as disposable assets. PFC is highly regarded in the middle east particularly in UAE and Oman, they will bounce back. There's always a chance that a bigger contractor will buy them. I had thought that one of the major asian players would have done so by now. Here I am sitting on a significant looss and I am not adding solely because I have too many PFC shares already. For me, confidenvce remains high. On a three to five year view there's great upside potential and when dividends resume more the better. The SFO mess remains a drag. They have no evidence as far as anyone can tell. The company will prosper no matter what the SFO eventually decide.

RVF

I bought PFC after the big SFO share price collapse, but I am clearly still well down at today's price. However, I do think they know their business well and are well run. I also think if the SFO had any reasonable evidence charges would likely have emerged by now, so on balance I see the delay as being due to the SFO trying to find a way to emerge from the situation without looking foolish again. However, the recovery of Petrofac is surely down to the oil price and I struggle to see that being strong any time soon. On balance I plan to hold PFC for recovery, but it is a tight call which comes down to a good company in a difficult industry.

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Re: Petrofac Limited (PFC)

#319960

Postby ReallyVeryFoolish » June 20th, 2020, 10:23 am

Wizard wrote:
ReallyVeryFoolish wrote:
monabri wrote:https://www.rigzone.com/news/petrofac_bags_multimillion_dollar_bahrain_deal-16-jun-2020-162427-article/?amp

"Petrofac revealed Tuesday that its Engineering & Production Services (EPS) division has been awarded a “multi-million dollar” engineering, procurement, construction and commissioning (EPCC) contract by Tatweer Petroleum for an upstream gas project in Bahrain."

I like PFC a lot as an investment. It's not a company I would care to work for but I am happy to hold shares. At around 200p it's a great entry point. The dividend was about halved soon after the SFO investigation was announced ages ago. The money saved was ear marked to pay for any subsequent SFO actions. Of which there have been precisely none so far. I guess the money is still lying there in the bank. Due to the unprecendted shake down in the industry PFC have naturally suspended dividends for now. In response to a fall off in orders and a massive order cancellation a few weeks ago PFC has responded by large reductions in cost overheads. It's very easy for PFC to do this. They employ a lot of temporary agency people and their centre of gravity is in the middle east and asia where people are often regarded as disposable assets. PFC is highly regarded in the middle east particularly in UAE and Oman, they will bounce back. There's always a chance that a bigger contractor will buy them. I had thought that one of the major asian players would have done so by now. Here I am sitting on a significant looss and I am not adding solely because I have too many PFC shares already. For me, confidenvce remains high. On a three to five year view there's great upside potential and when dividends resume more the better. The SFO mess remains a drag. They have no evidence as far as anyone can tell. The company will prosper no matter what the SFO eventually decide.

RVF

I bought PFC after the big SFO share price collapse, but I am clearly still well down at today's price. However, I do think they know their business well and are well run. I also think if the SFO had any reasonable evidence charges would likely have emerged by now, so on balance I see the delay as being due to the SFO trying to find a way to emerge from the situation without looking foolish again. However, the recovery of Petrofac is surely down to the oil price and I struggle to see that being strong any time soon. On balance I plan to hold PFC for recovery, but it is a tight call which comes down to a good company in a difficult industry.

Reading around the subject, it appears very possible the SFO will be abolished before anything happens re-PFC. IIRC, AMEC-FW also have an open case, now Wood group of course. Appalling situation. But I remain happy to hold PFC. Brent ended the week around $42 I think. I expected this by year end. Once aviation gets going again, I see $45+ arriving.

RVF

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Re: Petrofac Limited (PFC)

#320970

Postby daveh » June 24th, 2020, 10:01 am

Trading statement:
https://www.investegate.co.uk/petrofac- ... 00058549Q/

Petrofac issues the following pre-close update on trading ahead of the announcement of its half year results on 11 August 2020, and on the swift and decisive action the Company is taking to respond to the COVID-19 pandemic and sharp fall in oil prices .

· Continuing to safely deliver our projects and operations worldwide
· On track to deliver US$125 million of cost savings in 2020 and up to US$200 million in 2021
· Trading and awards materially impacted by COVID-19 and the sharp fall in oil and gas prices
· New order intake (1) of US$1.0 billion in the year to date
· Net debt (2) of c.US$139 million at 31 May 2020

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Re: Petrofac Limited (PFC)

#324483

Postby ReallyVeryFoolish » July 8th, 2020, 2:17 am

Why the market might have got the Petrofac share price wrong

https://www.stockopedia.com/articles/wh ... ong-90138/

I hope they are right about PFC!

RVF

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Re: Petrofac Limited (PFC)

#325021

Postby ReallyVeryFoolish » July 10th, 2020, 2:33 am

Not the biggest job in the world, but very useful.

https://www.rigzone.com/news/petrofac_j ... 2-article/

RVF


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